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Auto parts maker Holley to merge with blank-check firm in $1.55 billion deal

By Reuters Staff
2 Min Read
(Reuters) - Private equity firm Sentinel Capital Partners-owned Holley is merging with a blank-check company in a deal that values the auto parts maker at $1.55 billion, the companies said on Friday.
The deal with Empower Ltd includes a private investment of $240 million from investors led by Wells Capital Management Inc, an investment adviser tied to Wells Fargo, and investment manager Wasatch Global Investors.
PE firm MidOcean Partners, which formed the blank-check, has also agreed to invest $50 million in the deal through its MidOcean Fund V.
Bowling Green, Kentucky-based Holley makes auto parts including engine valve covers, convertible tops and doors.

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Ford to launch recall of 2.9 million vehicles for air bag inflators

Ford Motor Co said on Friday it will begin notifying owners April 1 in its new recall of 2.9 million vehicles in North America with potentially defective driver-side Takata air bags after U.S. regulators demanded the fix in January.

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Lithia Motors CEO says company could lead auto dealer industry consolidation

2 Min Read
(Reuters) - Lithia Motors Inc Chief Executive Bryan DeBoer on Wednesday said his company could lead a consolidation of some publicly listed auto dealer groups to compete with online-only upstarts catering to younger, more internet-savvy car buyers.
DeBoer said mergers with three public companies would allow Lithia to expand more rapidly and turn its focus to building out its online sales platform.
“If there’s going to be consolidation in the industry, it’s most likely going to come from us,” DeBoer said. He declined to say whether talks were ongoing or name the companies he was interested in, but said they had good coverage of the central and southeastern parts of the United States.

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Truckmaker Volvo warns of disruption due to semi-conductor shortage

Swedish truckmaker Volvo expects a shortage of semi-conductors to further disrupt production after problems at its Belgian plant in February, Swedish news agency TT reported on Thursday.

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Volkswagen CEO aims to approach pre-crisis levels in 2021: ThePioneer

Volkswagen targets pre-crisis levels in key performance indicators this year, Chief Executive Herbert Diess told German media startup ThePioneer.

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Stellantis scraps plan to launch Peugeot in U.S. market

Stellantis NV has scrapped a plan to launch the Peugeot brand in the United States and will focus instead on the RAM pickup trucks, high-margin Jeeps and Fiat Chrysler's (FCA) other brands - Dodge, Chrysler and Alfa Romeo - in the world's second-largest auto market, it said...

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Indian state's hiring rule spells disaster, industry group warns

India's northern state of Haryana, where several automakers, component suppliers and big tech firms are based, faces an investment and development crisis from a new hiring rule to tackle high unemployment, lobby groups warned on Thursday.

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Knorr must buy Bosch's 20% stake in its commercial vehicle system JV - CFO

By Reuters Staff
2 Min Read
BERLIN, March 4 (Reuters) - German brake maker Knorr Bremse must buy out Bosch’s stake in their joint venture, Knorr Bremse’s financial head Frank Weber said on Thursday, following an arbitration court ruling from last year not previously announced.
A purchase price for the stake in the European Commercial Vehicles Systems partnership and a joint venture in Japan has yet to be negotiated. Knorr said it has set aside 379 million euros ($456.2 million) on its balance sheet to meet those costs.
Bosch wanted to exit the joint venture following a contractual dispute that first made public in 2018, in which Knorr said Bosch accused it of competing in truck steering systems in violation of agreements between the two companies.

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Stellantis sees rebound in 2021, but chip shortage a worry

Newly-formed Stellantis, a combination of Peugeot-maker PSA and Fiat Chrysler (FCA), wants to use its clout to take on rivals racing to produce more electric vehicles, Chief Executive Carlos Tavares said on Wednesday.

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XL Fleet shares drop over 16% after Muddy Waters takes short position

Shares of XL Fleet Corp, which provides electric drive systems to enhance vehicle fuel economy, fell more than 16% on Wednesday after U.S. short-selling firm Muddy Waters said it has taken a short position in the company's stock. (Reporting by Ankit Ajmera in Bengaluru;...

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